Hello everyone, I need some extra advice on filing form 3520 late.

I was on an F1 visa and now I am on an H1B visa. I was tax exempt for five years under the F1 Visa. My sixth year was 2019 and I filed my income return as US resident but I didn't know I had to file form 3520 for some money my parents sent me. There's the 5% penalty for each month I'm late up to 25% and I would be late that long. I talked to a CPA and he told me that I don't need him, that I should just do it on my own. I realize that I have to send a statement with reasonable cause for the penalty to hopefully be forgiven. The CPA told me that since we are on the same year still, they will probably be lenient.

So my question is how much should I say on the statement for reasonable cause. Should I explain myself as I just did here, that I was unaware but I filed as soon I realized it? Is there a format for the letter or do I just attach it with the form 3520.

Do you think the penalties will be forgiven?

Update: i get messaged about this pretty often. If you didn't file it on time, contact a tax attorney ASAP. Not a CPA. Don't file it on your own, do what your tax attorney suggests.